Brainard

This is an appeal from the order of the District Court in bankruptcy affirming an order of the referee denying the petition of the appellants for the payment to them of the sum of $900 which had theretofore been received by the trustee in bankruptcy as interest payments upon a promissory note for $45,000, payable to the trustee in bankruptcy, theretofore executed by C. S. Parker as evidence of the purchase price of certain assets of the two bankrupt corporations. - In order to understand the problem presented by the record, it will be necessary to state in some detail the facts in reference to the execution of the promissory note of C. S. Parker and the relation of the appellants thereto.

It appears that the trustee in bankruptcy had offered for sale a large part of the assets of the bankrupt corporations for which highest bid offered was $5,000 in cash. The appellants, having claims against the bankrupt estates aggregating over $400,000, being approximately four-fifths of all the claims proved in the bankruptcy proceedings, considered this bid inadequate and suggested that they could procure a purchaser for the assets for more than this amount, if the same could be arranged on…